Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following information was provided: Question: Profit and Loss Account showed a debit balance of Rs. 50,000. The entry will be
Option 1: Adhraj 's capital account debited Rs 30,000, Karan's capital account debited Rs 20,000 credited profit and loss account Rs 50,000
Option 2: Debited profit and loss account with Rs 50,000 credited Adhiraj's capital account by Rs 30,000 a and karan's capital account by Rs 20,000
Option 3: Debited realization account and credited partner's capital account with Rs 50,000
Option 4: None of the above
Correct Answer: Adhraj 's capital account debited Rs 30,000, Karan's capital account debited Rs 20,000 credited profit and loss account Rs 50,000
Solution : Answer = Adhraj 's capital account debited 30,000, Karan's capital account debited RS 20,000 credited to the profit and loss account Rs 50,000
Undistributed Losses (Profit and loss Dr) will Be distributed among the old Partners in their profit-sharing Ratio. Partners capital AIC or. To Profit and lose A/C [In old Profit sharing Ratio] Hence, the correct option is 1.
Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following
Question : A, B and C started business on 1st April 2019 with capitals of Rs. 1,00,000; Rs. 80,000 and Rs. 60,000 respectively sharing profits (losses) in the ratio of 4:3:3. For the year ended 31st March 2020, the firm incurred a loss of Rs. 50,000. Each of the partners withdrew Rs.
Question : There are two partners A and B in a firm and their capitals are Rs. 50,000 and Rs. 40,000. The creditors are Rs. 30,000. The assets of the firm realise Rs. 1,00,000. How much will A and B receive or be paid?
Question : Choose the correct Journal entry with respect to loan by Amit (Partner) for the following cases at the time of the firm's dissolution: The loan by Amit (Partner) is Rs. 50,000 and the Balance in his Capital Account (credit) is Rs. 25,000.
Question : Realization expenses of Rs. 5,000 were to be borne by Pavit, a partner. However, it was paid by Hitesh, another partner. It was to be recorded in the books. The entry will be
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